To help better my trading I am going to make some what of a log. I will be posting my entries and my exists and posting a link to a picture of the trade. I will not directly post the images into the forums because of resolution restrictions and I just think images in forum posts do not typically mesh well.
The start of the week was kind of slow. I was thinking all weekend of my trading strategy since I just recently got back into the game. So I came up with something and when Monday rolled around I slept in and missed London. However, the day was slow and I didn’t miss anything. So now came Tuesday and I was trying to short the EUR/JPY and it just kept ranging on me so when all was said and done I had -.5 pips from trying to short EUR/JPY. While I was trying to short EUR/JPY I got an entry for long Cable and I took it. When I locked in 50 pips I went to bed and got up during mid New York and closed it out for 101 pips.
My goal is 100 pips a week. So anything more this week will just be icing on the cake and compensation for future slow or bad weeks. Off to a great start this week, I am going to get some icing for my cake and eat it too!
Any chance of you providing system details? My goal is also 100 pips per week. So far I’m trading one system that is providing me somewhere near my targets, but my results are very volatile. Any help would be appreciated.
would you give me a brief on “the cable”? I’m newer to forex and have seen that term used a lot. Is it a trading style, a certain session/pair or what.
Thanks!
Cable refers to the GBP. A nickname it earned in the 1800’s when a transatlantic cable transmitted the currency rates between the London and New York exchanges.
Babypips school has a list of all the currency nicknames here.
This week I have been trying to short EJ. First time was yesterday but I ended up with just -.5 pips after the whole ordeal. So I didn’t include in a trade because it really didn’t go anywhere. However, this time around I lost 19 pips on two positions. First a short then a long. I lost really because there was lack in movement in any direction. And I was forcing my entry signal when I really didn’t have a good signal.
The short was at 168.07 and closed for -15
The long was at 168.23 and closed for -4
So overall it could of been a lot worst and it could of been a lot better. It would of been best if I just not tried to force it. After all I already made my weekly goal of 70-100 pips.
So I won’t force a trade and hopefully ill get a trade this week, but how things are looking, I am doubting that. However, it should prove for an interesting next week!
Today has been a rather slow day. Not much excitement until the near end of London session. Cable started to creep down. I have yet to take any trades and do not expect to take any trades until probably early next week. However, if something comes up during New York or during London tomorrow ill be sure to let ya in on it
I have had a rough week in my personal life so I haven’t been posting a lot. However I have been slightly trading and of course I didn’t miss the great short cable! I have been waiting since last week for this move.
However, my first trade was long and then short on EUR/CAD and after all is said and done I was down -20 pips.
Then on Friday pre london I saw a short opportunity with short Cable and I took it and closed it out for 200 pips before the end of the New York session.
The trading week thus far has been slow. But the lesson I learned last week is that the week isn’t over until it is over. So I patiently sit and wait for an opportunity to get in. Since I am on week 3 with +15% I am just going to wait for what appears a good trade and not try to force it like I did last week. You don’t aim at the prey you wait for the prey to walk into your cross hairs!
There have been a few requests to reveal my trading plan. So I thought I would take a moment to explain why I have not revealed such information. I have been trading on and off for the past year and I was a typical newbie hopping from one trading plan to another trying to find what works for me. After little success at that I finally realized something. You can trade someone else’s plan all you want, however, you probably won’t experience similar results that as the author. I believe there are several reasons for this. First of all you have different experience and knowledge compared to the author. Also, no matter how well they explain their plan you won’t see it exactly how they do. So after these realizations I decided to come up with my own some what original plan. I took indicators from my last plan I was using and then added something I never considered before. I have left my original indicators on the charts, the Moving averages. However, I knew I need something else and so I started searching and then I found something that appears to be promising and I just went with it. It appears to be working decently. However, like any other plan it will fail at times which you have witness with some of my trades. However, it also works very well, and you have witnessed those trades as well. I have yet to do a full back test on my plan so I am just hopeful for the time being. Furthermore, I do not have a complete plan. I just have an entry and some position sizing so of course it is not complete yet.
So for all those newbies out there I recommend you look at all the plans you can get your hands on, because that was a great learning experience for me. I learned how other people use indicators for their view of how to react to the market. However, I also urge you try to make your own original plan so that you see things your way and I think your success will dramatically increase. I am far from having my complete trading plan, but I honestly believe I am moving down the best path for one of my goals (first million after taxes in less than 6 years).
So rock on and define your own plan and trade the plan and I believe you will be just fine
Week three wasn’t too great. Had no real good signals and nothing really came out of week three except a loss of around 5%. I started real strong and then kept trying to force the trades instead of going for the ideal ideal set ups. Shame on me!
The two trades I did are as follows, http://home.natefico.com/trade1w3.gif
On USD/CAD I shorted and it would of worked out if I had some better timing or maybe a wider stop.
I went long on Cable and this was just horrible timing. If I got in exactly when I should of I may of got away with some pips or at the very least got +3 but instead I got -40.
So two trades I got stopped out due to my bad timing and possibly due to my stops not being wide enough for the time frame I am using. Thinking about cutting my lot size down at least by half.
This is exactly why I say what I say. Just last week I lost a couple hundered dolllars because of the dam nerves. I’m switching to a managed investment, 5% monthly on my 10k is better than losing each and every darn month. dealsjamaica.com isn’t bad as well as felix’s site but at least with dealsjamaica.com you can take your mind completely off your money plus they grow your account by 5%. I’ll tell you guys what happens when I join ok?
blessings
I am giving up on day and swing trading. Going for those position trades now. Going for 1000+ take profits and what not. The only bad thing I can see about position trading is that your equity doesn’t grow as fast thus you can not increase your lot size as fast. To compensate for this I am probably going to take on two positions and add lots as the trade goes my way. This way my previous lot covers my next lot if it gets into the negative. Haven’t really figured out my plan, but that is nothing new. So I probably wont be posting any trade results for at least a few months. However, currently I am short cable and long USD/CAD.
Just wanted to post a quick update. My short cable is at +300 and my second position on it is +30. My long USD/CAD is +200. So perhaps over the next 5 or so months Ill prove day trading sucks
P.S. – If I could day trade I probably would, but you have to take what you can get
So here is the screen shot of the cable short. I opened another position on the cable short but I got paranoid and closed it so that it wouldn’t eat away at my profits. Since my plan isn’t too defined at the moment I am improvising at the moment which isn’t a good thing.
